Premier Christy Clark and Finance Minister Mike de Jong

B.C. taking over regulation of real estate

Premier Christy Clark says realtors have had a decade to govern themselves, and have failed to do it

A new Superintendent of Real Estate will take over regulation of the B.C. industry, Premier Christy Clark said Wednesday.

Clark and Finance Minister Mike de Jong said a the current industry-led Real Estate Council of B.C. will be replaced by a board with a majority of “public interest, non-industry members,” and fines for real estate misconduct are to be increased.

Clark said the maximum fine for individuals will go to $250,000, and twice that for real estate brokerages. The government is adopting all the recommendations of an independent advisory group, including banning realtors from representing both buyer and seller in a transaction.

“The real estate sector has had 10 years to get it right on self-regulation and they haven’t,” Clark said.

Clark said there will be more changes announced in the next few weeks to help people get into the real estate market in urban areas where house prices are spiralling.

In his latest budget, de Jong increased the property purchase tax exemption level from $475,000 to $750,000 for new homes only, and increased the tax rate from two to three per cent on the value of homes in excess of $2 million.

Clark was non-committal on a proposal by the City of Vancouver to impose a tax on vacant homes. She said the province is studying whether it has a role to play in such a tax, and repeated the federal housing minister’s position that all levels of government are needed to deal with housing affordability.

 

Just Posted

Castlegar, Grand Forks areas to see cleaner winter roads under new contract

YRB set to take over 10-year maintenance contract on Monday

Montrose moves to ban pot retail

Retail, production and distribution of non-medical cannabis sales prohibited under Montrose bylaw

Setting sail to fight kidney disease

Trail’s annual Kidney Walk included an opportunity to raft down the Columbia River

MP Cannings spared brunt of Ottawa tornadoes

MP Richard Cannings was spared the impact of the tornadoes that hit the Ottawa region

Castlegar walk raises thousands for local Alzheimer’s support

Castle Wood Village fundraiser shows astounding support in community, organizers say

VIDEO: Rare close encounter with whale pod spotted off B.C. waters

Pod of southern resident orca whales breach within arms length of whale watchers

Sister of plane crash victim that went missing in B.C. starting support network

Tammy Neron wants to help families who are searching for missing people

‘Hello, 911? There’s a horse in my living room’

Sproat Lake firefighters called to ‘rescue’ quarter-horse from Alberni Valley house

Assault charge withdrawn vs. ex-Jays pitcher Roberto Osuna

Former Toronto player agrees to peace bond

UPDATED: Bill Cosby gets 3-10 years in prison for sexual assault

Judge also declared the disgraced comedian a ‘sexually violent predator’

B.C. making progress on senior care staffing, Adrian Dix says

Minister aims to meet residential care provincial standard by 2021

B.C. realtor receives racist letter touching on ‘empty homes’

The letter has been met with condemnation of the racism after Winnie Wu posted it online

60+ surrendered cats in Okanagan get people working together

Community comes together to help surrendered cats at Penticton SPCA

U.S. worker charged after video shows him spitting on customer’s pizza

Jaylon Kerley of Detroit is charged with a felony count of food law violations

Most Read